Mortgage Loan Options & Products

If you have good credit and stable income, a Conventional loan might be the right option for you, since Conventional loan programs traditionally offer more options to the borrower.

Highlights of Conventional loans include:

• Lower interest rates for borrowers with good credit
• Fewer penalties and fees
• Down payments that range from 3%–20%

Buying a home for the first time can feel like a big leap, especially in California where home prices can be intimidating. But don’t worry—there are several programs available that can help make homeownership more accessible and affordable. Including but not limited to: 

• CalHFA, VA & USDA Loans
• MyHome Assistance Program
• GSFA Platinum Program
• GSFA Golden Opportunities Program

The FHA was formed in 1934 to spur greater homeownership numbers in the U.S. The FHA mortgage loan is designed to help low- to moderate-income families attain homeownership.

Highlights of FHA mortgage loans include:

• Low down payment requirements
• Flexible income and credit requirements
• The ability to use gift funds from a relative or employer for the down payment

A refinance loan may be the right decision for you if your home’s value has significantly increased or current interest rates are considerably lower than they were when you purchased your home.

Highlights of refinance loans include:

• The ability to shorten your loan’s term to save money
• The possibility to attain a lower interest rate
• The option to combine a first and second lien to a single loan for simplicity and possible savings
• The ability to access your home’s equity

Jumbo mortgage loans are ideal for borrowers with good credit who don’t have enough funds on hand to bring the home loan amount under the FHFA’s current conforming loan limit.

Highlights of Jumbo mortgage loans include:

• Higher purchase limits
• The ability to purchase more home
• Options for primary residences, second homes or rental properties

Reverse mortgage loans can be used to turn a portion of the equity in your home into cash that can be used for many different purposes that may enhance and extend your retirement.

Highlights of reverse mortgage loans include:

• The ability to turn a portion of the equity in your home into cash
• The option to eliminate your monthly mortgage payment

USDA mortgage loans provide affordable financing options for properties located in designated small towns, suburbs and exurbs. This program helps eligible low- to moderate-income families achieve homeownership by offering a no-down-payment option.

Highlights of USDA mortgage loans include:

• The ability to finance up to 100% of the appraised value
• The ability to finance the up-front portion of the guarantee fee
• Lower credit score requirements
• Lower interest rates
• Lower closing costs
• The ability to use gift funds for closing costs
• 30-year fixed-rate mortgage terms

VA mortgage loans provide affordable home financing options for eligible service members, veterans and surviving spouses. Here at Fairway, we are proud to help our service members and veterans achieve the American dream of homeownership.

Highlights of VA mortgage loans include:

• No prepayment penalties
• No private mortgage insurance (PMI)
• 100% financing with full VA entitlement*
• Fixed- and adjustable-rate mortgage options
• VA financing fees that can be lumped into the total loan amount
• A variety of eligible property types, including townhomes and VA-approved condos

Fixed-rate mortgage loans can be a Conventional mortgage loan, an FHA mortgage loan, a VA mortgage loan, a USDA mortgage loan, a Jumbo mortgage loan — any of these!

Highlights of fixed-rate mortgage loans include:

• Interest rates that don’t fluctuate
• The ability to avoid rising rates in the future
• The option of 10-, 15-, 20-, 25- and 30-year loan terms

An adjustable-rate mortgage loan (ARM loan) might be the right option for you if you plan to move within seven years, since they feature lower introductory interest rates.

Highlights of adjustable-rate mortgage loans include:

• Lower initial monthly payments
• The ability to qualify for higher loan amounts
• Fluctuating rates and payments

Medical professionals have a unique set of challenges with homeownership. Fairway mortgage advisors know the ins and outs of helping medical professionals apply for physician loans.

Highlights of physician loan mortgages include:

• The ability to ignore student loans when calculating your DTI
• Low down payment options
• Flexible closing dates